Northeastern Development Finance Corporation Ltd. (NEDFi) Opportunity Scheme for Small Enterprises (NoSSE) is a scheme launched by the Ministry of Development of Northeastern Region. The scheme aims to give financial assistance to small start-ups in the northeastern region. The Northeastern Development Finance Corporation Ltd (NEDFi) provides loans at a subsidized rate to all eligible entrepreneurs.
NEDFi Opportunity Scheme’s objective is to help first-generation entrepreneurs who need financial support to establish their start-ups. It also provides financial assistance for new projects in Micro and Small Enterprises.
Benefits of the scheme
- Loans under the NoSSE scheme may be provided as either Term Loans, Working Capital, or a combination of both. The amount of financial assistance as a loan under the scheme depends on the cost of the project.
- The NEDFi Opportunity Scheme for Small Enterprises (NoSSE) provides entrepreneurs can get up to INR 1 Cr as a loan.
- If the project cost exceeds Rs.50 lakhs and is under up to Rs.200 lakhs such entrepreneurs can apply for financial assistance. Enterprises should have a minimum debt-equity ratio of 2:1 to apply under the scheme of NEDFi.
The following documents need to be submitted to NEDFi before disbursement of financial assistance:
- Affidavit and Indemnity Bond
- Latest Sales Tax Clearance Certificate
- Latest Income Tax Clearance Certificate or Copy of the latest ITR
- Latest Audited Balance Sheet
- The resolution by the Board of Directors of the Company about signing authority or copy of partnership deed if it is a partnership firm
- Money receipt with revenue stamp
- No dues certificate from ATPPF authority (for tea estates only)
- PAN Card copy
- Details of Bank account with IFSC code Details of Bank account with IFSC code